The report argues that, in 2016, fixed income liquidity remains concentrated on a handful of exchanges in which investor demand to buy or sell bonds or swaps is distributed across many different investment banks. However, post-financial crisis regulations – specifically the Basel III Accords and the incoming Fundamental Review of the Trading Book proposals in addition to central bank quantitative easing monetary policies – are forcing fixed income liquidity to become more centralised around a wider community of banks and non-bank liquidity providers. As a result, access to fixed income liquidity is becoming more fragmented as a wider range of trading venues emerge to allow buyside firms, banks and non-bank liquidity providers more equality in the ability to source liquidity and form prices.